The FCA’s 21 October crypto-perimeter consultation explains new exclusions addressed by the draft Cryptoassets (Miscellaneous Amendments) Regulations 2026. CP26/36 covers temporary settlement and stablecoin-payment arrangements, proprietary trading, market making and technical access services. Responses close 18 November, with final guidance planned before the wider regime starts on 25 October 2027.[1][2]
Technical-services exclusion: conditions in the draft guidance
| Question | FCA interpretation |
|---|---|
| Who provides the interface? | A person who is neither FSMA-authorised nor a payment-service providerSource 2 |
| What do they do? | Merely provide technical access, without substantive intermediationSource 2 |
| What service is accessed? | A third party’s relevant regulated service, carried on with the required authorisation/exemption, or a decentralised protocolSource 2 |
| Which activity is excluded? | Arranging deals in qualifying cryptoassets; not every regulated activitySource 2 |
| What remains separate? | Financial-promotion restrictions and Money Laundering RegulationsSource 2 |
The paper says a service is not excluded merely because software performs it. Choices over counterparties, venues or transaction routes can indicate substantive intermediation; conversely, a security check does not automatically make an interface a dealing service. The actual functions and all statutory conditions matter. The exclusion also does not let a provider rely on a counterparty’s authorisation for an unrelated activity.[2]
Four different deadlines
| Milestone | Date or condition |
|---|---|
| Consultation closes | 18 November 2026Source 1Source 2 |
| Final guidance target | January 2027 on the FCA webpage; spring 2027 in the consultation PDFSource 1Source 2 |
| Existing UK business application window | 30 September 2026–28 February 2027 for firms seeking the savings provisionSource 1Source 2 |
| Regime commencement | 25 October 2027Source 1Source 2 |
The FCA may allow more time for application elements affected by uncertainty about the technical-services exclusion where that uncertainty materially prevented completion. Firms must still file an otherwise complete application within the prescribed window and engage with the regulator. This is a limited accommodation linked to arranging-permission uncertainty, rather than a general extension for crypto businesses.[1]
The wider exclusions have their own boundaries. For example, the stablecoin-payment provision concerns temporary holdings of UK qualifying stablecoins, not all cryptoassets. The consultation interprets a perimeter established by legislation; it does not grant an individual exchange, custodian or software provider authorisation.[2]
Sources & further reading
- CP26/36: Cryptoasset perimeter guidance Financial Conduct Authority · 21 Oct 2026 · Accessed 26 Oct 2026
- CP26/36: Cryptoasset perimeter guidance — consultation and draft PERG text Financial Conduct Authority · 21 Oct 2026 · Accessed 26 Oct 2026